Zee Learn sinks 2% as COO resigns, down 22% in one month

Zee Learn shares drop two percent in early trade on September 9, after COO Himanshu Yagnik resigns from his position.

According to a filing with the exchanges, the reason for Himanshu Yagnik's resignation from the position of Chief Operating Officer is due to his willingness to pursue his interests outside the organization.

At 9.50 am, shares of Zee Learn were down almost two percent at Rs 8.18 per share. Over the past month, shares of Zee Learn have plunged over 22 percent in trade.

"After a long association, I have decided to move out to pursue my interests outside the organization. I sincerely request that you kindly accept this letter as formal notification of my resignation from my position as Chief Operating Officer of Zee Learn Limited," said Himanshu Yagnik, the former COO, in a letter to the CEO.

"I request you to please accept my resignation and relieve me from my duties and responsibilities. My last day of working shall be September 06, 2024," he added.

During the financial year 2023-24, Zee Learn's revenue clocked in at Rs 252.63 crore, higher by 33 percent compared to the previous financial year. The company's EBITDA jumped 55 percent to Rs 86.86 crore.

"This achievement is a testament to our commitment to enhancing our offerings and expanding our market presence," said the CEO in the firm's annual report, adding, "Notably, our EBITDA margin improved significantly from 29 percent to 34 percent, highlighting our operational efficiency, ability to drive profitability and expertise to gain a competitive edge over our peers."